Viking Line, the listed Finnish cruise ferry company that should nor be confused with the cruise shipping company Viking, warns that it is unlikely to reach a profit this year.

This marks a change from a previous guidance, when the company had said that it would be too early to estimate the effects of the coronavirus pandemic to the company’s result.

Viking Line reported a net loss of €23.4 million for the first quarter of 2020, a deterioration from a loss of €15.4 million a year earlier, while operating loss deepened to €21.5 million from €14.2 million. Revenues decreased to €75.0 million from €95.8 million.

Four of the seven vessels of the company remain in service, carrying freight. Passengers are only carried between the Aland Islands and the Finnish mainland.

Viking Line held €34.2 million in cash at the end of March, but it needs to strengthen its cash position and talks are ongoing with various parties to achieve this objective, the company said.